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the sponsors, in our coop that gets j-51 benefits, for many years have been deregulate apts in a coop as they become available (buy-outs or deaths) and then rents them at market rate.
What are the ramifications for these market-rate rental tenants?
can they get their rents reduced? (Might encourage the sponsor to sell them at long last....)
It may be that the J-51 fits in to this. But a knowledgible person will have to answer.
In otherwords, if the sponsor apts have not been getting the annual abatement, then this may not effect those units that have been deregulated.
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To quoe the Ny Observer:
"Should the decision indeed be retroactive, as the tenants have requested, the existing tenants currently paying market rates would see their rents dramatically lowered. It would be as if they never had been de-stabilized, and tenants could even receive back-rent for the difference between the market and regulated rents.
The decision applies to other owners who deregulated apartments while in the J-51 program as well.
CAN THIS HELP REDUCE SPONSOR PRESENCE? DOES ANYONE KNOW?
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